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« Professional Updates »
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 Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
 Revised Applicability of Peer Review Mandate (Phase II & III)
 Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024
  IMPORTANT ANNOUNCEMENT
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024
 Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024
 Guidance Note on Audit of Banks (2024 Edition)
 Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
 Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)
 Important Announcement for May-June 2024 CA Examinations
 Draft Bank Branch Auditors' Panel (MEF) for the year 2023-24

ICAI: Only peer reviewed firms to audit listed companies
April, 20th 2009

Apex accounting body ICAI on Sunday said all listed companies would be audited by only peer review certified companies for periods starting April 1 this year, and over 1,200 firms have been selected for this review.

It also said the financial statements of companies coming out with IPOs need to be certified by firms which have been issued a certificate from the Peer Review Board.

"From accounting periods commencing on or after April 1, 2009, all listed companies would be audited by only those firms, that have been issued peer review certificate by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI), a release by the apex body said.

Peer review is the evaluation of work or performance by other people in the same field in order to maintain or enhance the quality of the work or performance.

After the multi-crore rupees Satyam scam came to light, SEBI had announced a peer review of Sensex and Nifty firms.

The financial statements of companies coming out with Initial Public Offerings (IPO) should also be certified by the audit firms who have been issued a certificate from the Peer Review Board, the release said.

Around 4,000 firms have already been peer reviewed.

"Further 1,240 firms have been selected for peer review and the process have been initiated. The review of these firms will be completed on fast track," ICAI president Uttam Prakash Aggarwal said, adding that more than 6,000 peer reviewers are there in the country.

The institute in its council's meeting in the past two days also approved the framework for corporate affairs standards which will ensure a fair, transparent and accountable corporate regime in the country, the release said.

Meanwhile, the institute launched the first national webcast on Friday to reach out to its members and students at large globally.

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